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NEW DELHI: The Budget proposal to waive customs levy on three particular most cancers therapies has sparked claims of being “an eye-wash” and “selective”, because it covers only drugs from one MNC AstraZeneca. The exemption doesn’t lengthen to your entire class or class of most cancers drugs, and supplies a “marginal” benefit averaging Rs 18,000 every per vial/strip, business specialists advised TOI.
Reacting to the transfer, AstraZeneca scrip jumped over 13% during the last two days (from the July 22 shut) to Rs 7,076 on the BSE.
The proposal has renewed calls for from business and affected person teams, and home pharma biggies like Biocon, for elimination of GST on most cancers and uncommon illness drugs, arguing that broader tax reduction would extra successfully help sufferers and the healthcare system. Further, the customs duty waiver needs to be prolonged to all imported most cancers and uncommon illness drugs, and never be restricted to only one class, an govt with a MNC agency mentioned.
The Budget exempted three most cancers drugs – Trastuzumab Deruxtecan, Osimertinib and Durvalumab – from a customs levy of 10%. Trastuzumab Deruxtecan is a breast most cancers drug, Osimertinib lung most cancers and Durvalumab is used as lung and biliary tract most cancers remedy.
Kiran Mazumdar Shaw, chairperson, Biocon and Biocon Biologics mentioned: “The removal of customs duty on three cancer drugs will provide relief to cancer patients. However, govt needs to consider GST exemption for all cancer drugs to make cancer care more affordable for patients.” At current, sufferers face a double whammy with the customs duty levy of 10%, and a GST of 12%, considerably climbing therapy prices of imported drugs.
“We will renew the request for a waiver of customs duty on all cancer and rare disease drugs and a reduction of GST on drugs,” a Ficci consultant mentioned.
Reacting to the transfer, AstraZeneca scrip jumped over 13% during the last two days (from the July 22 shut) to Rs 7,076 on the BSE.
The proposal has renewed calls for from business and affected person teams, and home pharma biggies like Biocon, for elimination of GST on most cancers and uncommon illness drugs, arguing that broader tax reduction would extra successfully help sufferers and the healthcare system. Further, the customs duty waiver needs to be prolonged to all imported most cancers and uncommon illness drugs, and never be restricted to only one class, an govt with a MNC agency mentioned.
The Budget exempted three most cancers drugs – Trastuzumab Deruxtecan, Osimertinib and Durvalumab – from a customs levy of 10%. Trastuzumab Deruxtecan is a breast most cancers drug, Osimertinib lung most cancers and Durvalumab is used as lung and biliary tract most cancers remedy.
Kiran Mazumdar Shaw, chairperson, Biocon and Biocon Biologics mentioned: “The removal of customs duty on three cancer drugs will provide relief to cancer patients. However, govt needs to consider GST exemption for all cancer drugs to make cancer care more affordable for patients.” At current, sufferers face a double whammy with the customs duty levy of 10%, and a GST of 12%, considerably climbing therapy prices of imported drugs.
“We will renew the request for a waiver of customs duty on all cancer and rare disease drugs and a reduction of GST on drugs,” a Ficci consultant mentioned.
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